TCRAP_Public/120522.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Tuesday, May 22, 2012, Vol. 15, No. 101

                            Headlines


A U S T R A L I A

BDO AUSTRALIA: Former NSW/Vic Partners Get Default Demand
ENERGY WATCH: 50 Jobs Axed as Broker Enters Administration
GOLD COAST TITANS: Creditors to Vote on Rescue Package on May 25
PLAYERS SHOWGIRLS: Goes Into Administration
SAPPHIRE SERIES: Fitch Affirms Rating on 24 Note Classes

SEMA GROUP: Placed in Voluntary Administration


C H I N A

CHAI-NA-TA CORP: Shareholders Approve Voluntary Liquidation
CHINA DU KANG: Reports $365,000 Net Income in First Quarter
CHINA TEL GROUP: Has $7 Million Financing Contract with ZTE
DECOR PRODUCTS: Delays Form 10-Q for First Quarter
SHENGDATECH INC: Files Ch. 11 Plan, Disclosure Statement

SPG LAND: Moody's Downgrades CFR to 'B2'; Outlook Negative


H O N G  K O N G

AMB I.T.: Members' Final General Meeting Set for June 15
ASIA TROPICAL: Members' Final General Meeting Set for June 12
BEST GLORY: Members' Final Meeting Set for June 11
BUNHOI HOUSEHOLD: Members' Final Meeting Set for June 11
CHANCO LS: Members' Final Meeting Set for June 11

CHARTER ADVANCE: Members' Final Meeting Set for June 12
CHI CHEUNG: Members' Final Meeting Set for June 13
CONCORD EXPRESS: Members' Final Meeting Set for June 13
DOVETAIL PROPERTIES: Members' Final Meeting Set for June 15
GLADLY DEVELOPMENT: Members' Final Meeting Set for June 11


I N D I A

AIR INDIA: Service Tax Dues Piles Up to About INR454cr
AMRAPALI BIOTECH: CARE Rates INR7.92cr LT Loan at 'CARE B'
AQVAL CERAMIC: ICRA Puts '[ICRA]B+' Rating on INR5.29cr Loans
CNN MINERALS: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loan
DEVEN TEXTILE: CARE Assigns 'BB-' Rating to INR4.82cr LT Loan

D.K. PROJECT: ICRA Rates INR7.5cr Loan at '[ICRA]BB-'
FARIDA SHOES: ICRA Reaffirms 'BB+' Rating on INR3.03cr Loan
GSN FERRO: ICRA Assigns '[ICRA]B+' Rating to INR5.29cr Loans
IDEAL ENERGY: Fitch Cuts Rating on INR11.07BB Loans to 'BB-'
K.C.FIXTURES: CARE Rates INR5cr LT Loan at 'CARE BB-'

KINGFISHER AIRLINES: Faces Fine Over Unpaid INR269cr Income Tax
LUMENS AIRCON: CARE Puts 'CARE BB' Rating on INR5.5cr LT Loan
NATURE EFFICIENT: ICRA Puts 'B' Rating on INR95.5cr Loans
RAINBOW PLASTICS: ICRA Rates INR6cr Loan at '[ICRA]BB-'
R P BASMATI: CARE Rates INR130.30cr LT Loan at 'CARE BB+'

SAMRAT WIRES: CARE Assigns 'BB' Rating to INR10cr LT Loan
SUPREME MANOR: ICRA Cuts Rating on INR322.5cr Loan to 'BB'
VEER METAL: CARE Puts 'CARE BB-' Rating on INR8.25cr Loan
VVA DEVELOPERS: ICRA Upgrades Rating on INR10cr Loan to 'BB-'


J A P A N

G.K.ORSO: Fitch Lowers Rating on JPY0.2BB Class F Notes to 'Dsf'


N E W  Z E A L A N D

HOLIDAY HOMESHARE: Owes More Than NZ$500,000 to IRD
NZF MONEY: Parent Suspends Interest Payments on Capital Notes


S I N G A P O R E

AMARU INC: Incurs $156,000 Net Loss in First Quarter
MERRILL LYNCH: Creditors' Proofs of Debt Due June 13
MONTROSE HOLDINGS: Court Enters Wind-Up Order
MSM HOLDINGS: Creditors Get 100% Recovery on Claims
NAKAKITA ENGINEERING: Creditors' Proofs of Debt Due June 18

NIP HOLDING: Creditors' Proofs of Debt Due June 18


X X X X X X X X

* BOND PRICING: For the Week May 14 to May 18, 2012


                            - - - - -


=================
A U S T R A L I A
=================


BDO AUSTRALIA: Former NSW/Vic Partners Get Default Demand
---------------------------------------------------------
SmartCompany reports that former partners of the accountancy firm
BDO in Sydney and Melbourne are being pursued for AUD1.1 million
in bad debts by a professional indemnity insurance funder.

According to SmartCompany, the Australian Financial Review
reported that partners of the now defunct AUD80 million BDO New
South Wales and Victoria practice received letters from lawyers
of Pacific Premium Fundings claiming they had failed to make
payments of AUD221,852, which triggered a default demand for the
full AUD1.1 million owing.

SmartCompany notes that rival firm Grant Thornton acquired most
of the accountancy firm's assets in April, paying AUD50 million
in order to bail out BDO NSW/VIC.

Tony Schiffmann, chairman of BDO, told SmartCompany the
accountancy firm had been made aware through media articles that
the former BDO practices had received letters regarding alleged
litigation.

"The former BDO NSW/VIC practices, which are now part of the
Grant Thornton network, were financially independent of all other
firms in the Australian BDO network and, as such, the financial
arrangements of the former NSW/VIC practices were also separate
and we confirm that we had no first-hand knowledge of its
financial arrangements," the report quotes Mr. Schiffmann as
saying.

"It would be inappropriate for us to comment further in relation
to these alleged issues.  However, we can say that the present
BDO Network in Australia is operationally and financially sound
and is not subject to these issues."

BDO Australia is an accounting and advisory firm.


ENERGY WATCH: 50 Jobs Axed as Broker Enters Administration
----------------------------------------------------------
Cara Waters at SmartCompany reports that Energy Watch was placed
into administration last week with about 50 staff made redundant
and AUD580,000 in superannuation owing, but the company is set to
resurface in another form with concerns expressed that staff will
be left "high and dry".

The utility broker's difficulties became public when founder and
former chief executive Ben Polis stepped down from his role after
making racist and offensive remarks on his personal Facebook
page.

Energy Watch's troubles deepened when the Fair Work Ombudsman
issued it with a compliance notice on May 21 demanding payment of
AUD580,000 in staff's superannuation by the end of May.

However, the next day the company announced it was to be
"reinvigorated" after a sale to a consortium headed by
entrepreneur Danny Wallis, who founded the AUD100 million
information technology service provider DWS Limited.

The Wallis consortium of private investors agreed to buy 100% of
the business through a new company named Energy Watch
International.

Energy Watch International and Energy Watch Trading were both
registered with the Australian Securities and Investment
Commission the week before Energy Watch's administration was
announced.

The acting chief executive of Energy Watch, Luke Zombor, said
Wallis was "the perfect white knight" for the company and said
the "proposed sale would safeguard the jobs of more than 80
people".

Zombor will be retained as a consultant and there will be a new
board and senior management team appointed.

However, Australian Services Union Victorian secretary Ingrid
Stitt told SmartCompany she had a "very bad feeling" about the
deal.

The union has been investigating claims of unpaid superannuation
at Energy Watch for over 12 months and it estimates 300 past and
more recent staff are owed money.


GOLD COAST TITANS: Creditors to Vote on Rescue Package on May 25
----------------------------------------------------------------
Travis Meyn at goldcoast.com.au reports that Gold Coast Titans
boss Michael Searle will, this week, know more about the fate of
the football club, with creditors of its property arm who are
owed AUD20 million deciding whether to accept a rescue package.

A deal surrounding a mystery "white-knight" investor is also
expected to be finalized in the next week and there are plans to
set up an independent board to ensure the club remains profitable
and stays on the Gold Coast, according to the report.

In what could be his last address as CEO at the annual Titans
Charity Ball on Saturday night, the report relates, Mr. Searle
assured more than 800 fans he and the club would do "whatever we
can" to get through the difficult times.

The Gold Coast Titans Property Trust (which is separate to the
Football Club) was placed into voluntary administration on
April 19, 2012.

The Commonwealth Bank is the major secured creditor, while
unsecured creditors are owed AUD127,000. The Australian Taxation
Office is owed about AUD290,000, goldcoast.com.au discloses.

Creditors are to meet on Friday, May 25, to vote on whether to
accept a Deed of Company Arrangement (DOCA) which would see
Mr. Searle tip in AUD200,000 of his own funds to pay back the
debt, the report adds.


PLAYERS SHOWGIRLS: Goes Into Administration
-------------------------------------------
Josh Robertson at The Courier-Mail reports that the company
behind Surfers Paradise strip club Players Showgirls -- which has
links to one of the industry's most colourful figures, Fitzgerald
Inquiry witness and convicted pimp Warren Armstrong -- went into
voluntary administration last month.

The Courier-Mail relates that the company was AUD500,000 deeper
in debt than its owners realized, including more than AUD990,000
owed to the Australian Taxation Office, which took legal action
to wind up the business in March.

Players Showgirls, whose Orchid Ave site has hosted strip clubs
under various names since 1992, some counting Mr. Armstrong as a
consultant, is owned by his sister Janice Petrie and her son
Paul.

According to the report, a creditors' meeting last month heard
the club's debts, estimated at just under AUD1.1 million
including AUD100,000 in unpaid staff superannuation, were
AUD500,000 more than the Petries had realised.

The report notes that the club continued to trade under
administrator William Robson and "delivered good results" in its
first week, the meeting heard.  The directors wanted to trade
through the debt under a deed of company arrangement, with a
second creditors' meeting set on May 18, adds The Courier-Mail.


SAPPHIRE SERIES: Fitch Affirms Rating on 24 Note Classes
--------------------------------------------------------
Fitch Ratings has affirmed 24 classes of the Sapphire Series
transactions and revised the Outlook on three rated notes to
Stable from Negative.  The transactions are Sapphire IX Series
2006-1 Trust (Sapphire IX), Sapphire X Series 2007-1 Trust
(Sapphire X), and Sapphire XI Series 2007-2 Trust (Sapphire XI).

The transactions are securitisations of Australian non-conforming
residential mortgages originated by Bluestone Group Pty Limited
(Bluestone).

The rating actions reflect Fitch's view that the available credit
enhancement levels are sufficient to support the notes' current
ratings, and that the credit quality and performance of the loans
in the current collateral pool remain in line with the agency's
expectations.

"Defaults and losses have stabilised in Sapphire IX and Sapphire
X and excess spread has been strong. As of February 2012, there
were no outstanding charge-offs," said James Zanesi, Director in
Fitch's Structured Finance team.  "Defaults in Sapphire XI have
not yet stabilised, and arrears are extremely high."

Arrears in the mortgage pool of Sapphire IX are still high. As of
end-January 2012, the pool had paid down to AUD105.5m from the
original AUD604.65m, with 30+days and 90+days delinquency rates
at 16.1% and 7.2%, respectively.  As of the February 2012 payment
date, the notes amortised on a pro-rata basis, excluding the
unrated Class CZ and D notes.  The available income in the
transaction has been sufficient to cover losses to date.  The
Outlooks on the Class BZ and CA notes have been revised to Stable
as losses have stabilised and the credit enhancement of the rated
notes has increased significantly from that at August 2011 when
the previous rating action was taken.

As of January 2012, Sapphire X and Sapphire XI experienced a high
level of 90+days arrears, which amounted to 8.65% and 6.65% of
the collateral pool, respectively.  Cumulative defaults and
losses since closing have been higher than the other Sapphire
transactions.  The Outlook on Sapphire X's Class BZ notes has
been revised to Stable as defaults and losses have stabilised and
the transaction enjoys a level of excess spread above other
Sapphire transactions: in the 12 months to February 2012, excess
spread has been between 3% and 4%.

Defaults and losses have not yet stabilised in Sapphire XI.
Moreover, 30+days arrears are still high at 21.9%.  As of
February 2012, the Class D notes were charged-off for
AUD1,018,480, the only notes in a Sapphire securitisation of
Australian mortgage to have an outstanding charge-off.  Also, the
mortgage pool of Sapphire XI has performed worse than other
Sapphire transactions due to a combination of a high weighted
average loan-to-value ratio (72.8%), high portion of low-doc
borrowers (72.3%) and a lower seasoning of loans which have also
impacted the level of losses.  The Negative Outlooks on Classes
BA, BZ and CA notes reflect Fitch's concerns on the level of
volatility that the transaction might experience in terms of
losses and recoveries over the next 12-18 months, given its small
pool size.

The rating actions are as listed below.

Sapphire IX Series 2006-1 Trust

  -- AUD59.4m Class AA notes (AU300SAPA010) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD7.6m Class AM notes (AU300SAPA028) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD5.1m Class AZ notes (AU300SAPA036) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD6.6m Class MA notes (AU300SAPA044) affirmed at 'AAsf';
     Outlook Stable
  -- AUD5.6m Class MZ notes (AU300SAPA051) affirmed at 'A+sf';
     Outlook Stable
  -- AUD5.4m Class BA notes (AU300SAPA069) affirmed at 'BBB+sf';
     Outlook Stable
  -- AUD5.2m Class BZ notes (AU300SAPA077) affirmed at 'BBsf';
     Outlook revised to Stable from Negative
  -- AUD1.6m Class CA notes (AU300SAPA085) affirmed at 'B-sf';
     Outlook revised to Stable from Negative

Sapphire X Series 2007-1 Trust

  -- AUD100m Class AA notes (AU3FN0001939) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD16m Class AM notes (AU3FN0001947) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD8.4m Class AZ notes (AU3FN0001954) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD13.4m Class MA notes (AU3FN0001962) affirmed at 'AAsf';
     Outlook Stable
  -- AUD9.3m Class MZ notes (AU3FN0001970) affirmed at 'A+sf';
     Outlook Stable
  -- AUD8.7m Class BA notes (AU3FN0001988) affirmed at 'BBB+sf';
     Outlook Stable
  -- AUD9.4m Class BZ notes (AU3FN0001996) affirmed at 'BB-sf';
     Outlook revised to Stable from Negative
  -- AUD4.5m Class CA notes (AU3FN0002002) affirmed at 'B-sf';
     Outlook Negative

Sapphire XI Series 2007-2 Trust

  -- AUD29.4m Class AA notes (AU3FN0004404) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD11.7m Class AM notes (AU3FN0004412) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD8.4m Class AZ notes (AU3FN0004420) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD10.1m Class MA notes (AU3FN0004438) affirmed at 'AAsf';
     Outlook Stable
  -- AUD10.9m Class MZ notes (AU3FN0004446) affirmed at 'Asf';
     Outlook Stable
  -- AUD8.1m Class BA notes (AU3FN0004453) affirmed at 'BBBsf';
     Outlook Negative
  -- AUD4m Class BZ notes (AU3FN0004461) affirmed at 'BBsf';
     Outlook Negative
  -- AUD5.4m Class CA notes (AU3FN0004479) affirmed at 'Bsf';
     Outlook Negative


SEMA GROUP: Placed in Voluntary Administration
----------------------------------------------
Patrick Stafford at SmartCompany reports that Sema Group has been
placed in voluntary administration, with PPB Advisory now
searching for expressions of interest in the hope of selling the
company.

SmartCompany says the business, which has been running for over
three decades and turned over AUD100 million in 2010-11, was
placed in administration on May 17.  Phil Carter, Marcus Ayres
and Daniel Walley were appointed by PPB.

"PPB Advisory will commence an urgent assessment of the business,
and operations will continue on a 'business as usual' basis while
the review is undertaken," PPB said in a statement, SmartCompany
says.

NAB is listed as the company's chief secured creditor. The first
creditors' meeting is set to take place on May 29.

SmartCompany relates that administrators have said they will
"urgently assess the financial position of the company", while
the decision to continue trading will be assessed on a daily
basis.

Sema Group offers direct marketing services including mail
services, along with analytics services as well, which includes
customer profiling and propensity modelling. It also offers
regular reporting services, which measure inventory, invoicing
and work-in-progress reports, along with a digital strategy that
includes mobile and social marketing.  The direct marketing group
employs 375 people.


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C H I N A
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CHAI-NA-TA CORP: Shareholders Approve Voluntary Liquidation
-----------------------------------------------------------
Chai-Na-Ta Corp. announced that at its annual and special meeting
of shareholders held on May 11, 2012, the shareholders approved a
special resolution providing for (A) the voluntary liquidation of
the Corporation pursuant to section 211 of the Canada Business
Corporations Act, through the distribution of its remaining
assets to its shareholders, after providing for outstanding
liabilities, contingencies and costs of the liquidation, (B) the
appointment of a liquidator if and when deemed appropriate by the
board of directors of the Corporation, and Copyright the ultimate
dissolution of the Corporation in the future once all of the
liquidation steps have been completed.

Headquartered in Richmond, Canada, Chai-Na-Ta Corp., together
with its subsidiaries, farms, processes, and distributes North
American ginseng as bulk root. It sells its products directly to
brokers and distributors primarily in China, Hong Kong, and
southeast Asia.


CHINA DU KANG: Reports $365,000 Net Income in First Quarter
-----------------------------------------------------------
China Du Kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $365,386 on $614,377 of sales of liquor for the
three months ended March 31, 2012, compared with a net loss of
$200,428 on $427,679 of sales of liquor for the same period
during the prior year.

The Company reported a net loss of $696,001 in 2011, compared
with a net loss of $897,194 in 2010.

The Company's balance sheet at March 31, 2012, showed $15.84
million in total assets, $5.94 million in total liabilities and
$9.89 million in total shareholders' equity.

A copy of the Form 10-Q is available for free at:'

                        http://is.gd/8bOE31

                       About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.

After auditing the 2011 financial statements, Keith K. Zhen, CPA,
in Brooklyn, New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The
independent auditors noted that the company incurred an operating
loss for each of the years in the two-year period ended  Dec. 31,
2011, and as of Dec. 31, 2011, had an accumulated deficit.


CHINA TEL GROUP: Has $7 Million Financing Contract with ZTE
-----------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel
Group Inc., has finalized its financing contracts with ZTE
Corporation to increase its equipment and software order to
deploy and expand wireless networks in Montenegro and Croatia.
The announcement follows VelaTel's successful closing of its
acquisition of Herlong Investments Limited and its operating
subsidiaries, Novi-Net and Montenegro Connect, which allows
VelaTel to report the financial results of these subsidiaries on
its consolidated financial statements.

"VelaTel will raise the bar again for mobile broadband services
by providing networks with greater speeds and capacity than any
other network in those regions," said George Alvarez, VelaTel's
Chairman and CEO.  "Our leadership in launching wireless
broadband networks will soon benefit the citizens of Croatia and
Montenegro, as well as our shareholders."

The signed contracts with ZTE includes improved pricing compared
to an earlier preliminary order that covered only a portion of
the total equipment required, based on now completed engineering.
The revised orders will now deliver all the necessary equipment
and software for Phase 1 deployments of both networks.

"This is another example that demonstrates the importance of our
ZTE relationship," commented Colin Tay, President of VelaTel.
"We are able to leverage our exclusive financing packages in
order to dramatically minimize our costs, while having access to
the industry's most compelling and advanced equipment.  Although
the price negotiations for the final engineered order took longer
than expected, the cost savings more than justified the extra
time."

The 1,800 subscriber existing network base in Croatia (Novi-Net)
covers the city of Cakovec and its surrounding area (population
25,000), and will not be expanded during Phase 1 of VelaTel's
deployment.  Instead, VelaTel will target densely populated
areas, including the capital city of Zagreb with a population of
over 1 million, where potential business and government customers
are concentrated.  Simultaneously, VelaTel will be deploying a
wireless broadband network in Montenegro, which is a "greenfield"
operation.  Phase 1 will similarly focus on urban areas,
including the capital city of Podgorica (population 150,000), and
the commercial and government customers concentrated in those
urban areas.

"With these critical contracts now in place, we can focus on the
expansion of our network, which is needed to satisfy the enormous
appetites of our wireless subscribers," said Novi-Net's Founder
and CEO Karlo Vlah.  "We are very excited to be working with
VelaTel and begin seeing our subscriber numbers increase
exponentially."

The aggregate price of the goods covered by the three contracts
and the purchase order associated with each contract is
$7,001,870.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

The Company, in the untimely filed Form 10-K, reported a net loss
of $21.79 in 2011, compared with a net loss of $66.62 million in
2010.

The Company's balance sheet at Dec. 31, 2011, showed $12.83
million in total assets, $22.76 million in total liabilities and
a $9.92 million total stockholders' deficiency.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of
$253,660,984 since inception, a negative working capital of
$16,386,204 and a stockholders' deficiency of $9,928,838.


DECOR PRODUCTS: Delays Form 10-Q for First Quarter
--------------------------------------------------
Decor Products International, Inc., informed the U.S. Securities
and Exchange Commission it could not complete the filing of its
quarterly report on Form 10-Q for the quarter ended March 31,
2012, due to a delay in obtaining and compiling information
required to be included in its Form 10-Q, which delay could not
be eliminated by Company without unreasonable effort and expense.
In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, the Company will file its Form 10-Q no later than the fifth
calendar day following the prescribed due date.

                        About Decor Products

Decor Products International, Inc., through its subsidiaries,
mainly engages in the manufacture and sale of furniture
decorative paper and related products in the People's Republic of
China.  The Company is headquartered in Chang'an Town, Dongguan,
Guangdong Province, between Shenzhen and Guangzhou in southern
China.

The Company's balance sheet at Dec. 31, 2011, showed US$42.64
million in total assets, US$9.08 million in total liabilities and
US$33.55 million in total stockholders' equity.

For the year ended Dec. 31, 2011, HKCMCPA Company Limited, in
Hong Kong, China, noted that the Company has made default in
repayment of convertible notes and promissory notes that raise
substantial doubt about its ability to continue as a going
concern.


SHENGDATECH INC: Files Ch. 11 Plan, Disclosure Statement
--------------------------------------------------------
ShengdaTech, Inc., filed with the U.S. Bankruptcy Court a
Chapter 11 Plan and Disclosure Statement dated May 16, 2012.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.
The Plan establishes, among other things, a Liquidating Trust
that will pursue the PRC litigation, hold and ultimately sell the
Faith Bloom's shares, prosecute certain Causes of Action, pursue
any objections to Claims, execute the provisions governing
Distributions to Holders of Allowed Claims or Allowed Equity
Interests and facilitate the process for resolving Disputed
Claims Filed against the Debtor.

The Plan will be funded by the cash held by the Debtor as of the
Effective Date, and thereafter by the proceeds of the Liquidating
Trust Assets.

The classification and treatment of claims under the plan are:

     A. Unclassified (Administrative Claims) will receive: (a)
        cash equal to the amount of such Allowed Administrative
        Claim; or (b) other treatment as agreed to by the Holder.
        The estimated amount of administrative claims is $900,000
        and the recovery is expected to be 100%.

     B. Class 1 (Other Priority Claims) will receive (a) cash
        equal to the amount of the Allowed Class 1 Claim; or (b)
        other treatment as agreed to by the Holder.  The
        estimated recovery is expected to be 100%.

     C. Class 2 (Secured Claims) will receive (a) one of the
        treatments specified in Section 1124 of the Bankruptcy
        Code; or (b) other treatment as agreed to by the Holder.
        The estimated recovery is expected to be 100%.

     D. Class 3 (General Unsecured Claims) will receive its Pro
        Rata share of Liquidating Trust Assets remaining after
        payment in full in cash of all prior claims and expenses
        of the Liquidating Trust.  The estimated amount of
        general unsecured claims is $173 million and the recovery
        is unknown but is expected to be more than 1%.

     E. Class 4 (Noteholders' Securities Claims) will receive its
        Pro Rata share of Liquidating Trust Assets remaining
        after payment of all prior claims and any expenses of the
        Liquidating Trust.  The recovery is unknown but is
        expected to be more than 0%.

     F. Class 5 (Shareholders' Securities Claims) will receive
        its Pro Rata share of Liquidating Trust Assets remaining
        after payment of all prior claims and any expenses of the
        Liquidating Trust.  The recovery is unknown but is
        expected to be more than 0%.

     G. Class 6 (Equity Interests) will receive its Pro Rata
        share of Liquidating Trust Assets remaining after payment
        of all prior claims and any expenses of the Liquidating
        Trust.  The recovery is unknown but is expected to be
        more than 0%.

A full text copy of the disclosure statement is available for
free at http://bankrupt.com/misc/SHENGDATECH_INC_ds.pdf

                          About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.


SPG LAND: Moody's Downgrades CFR to 'B2'; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded SPG Land (Holdings)
Limited's corporate family rating to B2 from B1.  At the same
time, Moody's has downgraded SPG Land's senior unsecured rating
to B3 from B2.  The ratings outlook is negative.

Ratings Rationale

"The ratings downgrade reflects Moody's concern that SPG Land
faces rising liquidity risk as its cash receipts from sales
remain weak, thereby threatening its ability to fund operations
and debt payments," says Kaven Tsang, a Moody's AVP/Analyst.

SPG Land now has to rely on its cash on hand to buffer against
this weak cash inflow from sales. But its cash balance has been
volatile, recording a material decline in 1Q 2012, when the
company settled construction payments and certain trust loans.

"Moody's expects SPG Land's sales will remain weak for the year
as most of its projects are in cities affected by restrictions on
home purchases, and which will remain in place for some time,"
says Mr. Tsang.

"Also, low sales will lead to weaker EBITDA and balance sheet
cash, which will pressure SPG Land's ability to meet financial
covenants in its loan and bond obligations, thereby constraining
its debt capacity and further impairing its liquidity position,"
adds Tsang.

SPG Land's B2 corporate family rating reflects its (1) well-
located projects -- mainly in the affluent and fast-growing
Yangtze River Delta region, and which would could be monetized to
raise further liquidity, if needed; and (2) track record in
developing large-scale housing and high-end integrated projects.

The negative ratings outlook reflects Moody's concern over the
increasing liquidity risk arising from its weak sales and
deteriorating financial position.

SPG Land's liquidity position could be further weakened if it
breaches the financial covenants of its bank loans, a development
which could trigger its acceleration of loan and bond repayments.

SPG Land's ratings could be further downgraded if it (1) is
unable to improve sales and maintain adequate cash to meet its
payment obligations; (2) experiences a weakening of EBITDA
interest coverage to below 1.5-2x, or adjusted
debt/capitalization above 60-65% on a consistent basis; or (3)
fails to comply with the financial covenants of its bank loans,
resulting in an acceleration of its loan repayments.

A near-term upgrade is unlikely, given the negative outlook.
However, the outlook could change to stable if (1) SPG Land
achieves its sales plan in the next 12 months; and (2) its cash
holding returns to RMB2.5-3 billion.

The principal methodology used in rating SPG Land (Holdings)
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

SPG Land (Holdings) Limited is a Chinese property company that
focuses on the development of large-scale residential and
integrated properties in the Yangtze River Delta. The company has
a land bank of 5.8 million square meters in gross floor area
(GFA) across nine cities in China. Around 70% of the land bank is
spread across cities along the Yangtze River, such as Shanghai,
Suzhou, Wuxi, Changshu, and Huangshan.

Listed on the Hong Kong Stock Exchange in 2006, SPG Land is
majority-owned and controlled by David Wang, the founder and
chairman, who has a 70% stake in the company.


================
H O N G  K O N G
================


AMB I.T.: Members' Final General Meeting Set for June 15
--------------------------------------------------------
Members of AMB i.t. Asia Limited will hold their final general
meeting on June 15, 2012, at 9:00 a.m., at 6309 Mitchel Hollow
Road, Charlotte North Carolina 28277-4549, in United States.

At the meeting, Russell James Shoemaker, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ASIA TROPICAL: Members' Final General Meeting Set for June 12
-------------------------------------------------------------
Members of Asia Tropical Forest Limited will hold their final
general meeting on June 12, 2012, at 11:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, No. 345 Nathan Road, in
Kowloon.

At the meeting, Descheemaeker Vianney and Francois Regis Marie
Joseph, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


BEST GLORY: Members' Final Meeting Set for June 11
--------------------------------------------------
Members of Best Glory Limited will hold their final general
meeting on June 11, 2012, at 4:30 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


BUNHOI HOUSEHOLD: Members' Final Meeting Set for June 11
--------------------------------------------------------
Members of Bunhoi Household Manufactory Company Limited will hold
their final general meeting on June 11, 2012, at 3:00 p.m., at
10/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, in
Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHANCO LS: Members' Final Meeting Set for June 11
-------------------------------------------------
Members of Chanco LS Limited will hold their final general
meeting on June 11, 2012, at 3:30 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHARTER ADVANCE: Members' Final Meeting Set for June 12
-------------------------------------------------------
Members of Charter Advance Properties Limited will hold their
final general meeting on June 12, 2012, at 10:00 a.m., at Room
1205, 12/F, Manulife Provident Funds Place, No. 345 Nathan road,
in Kowloon.

At the meeting, Ng Sik Pui, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.


CHI CHEUNG: Members' Final Meeting Set for June 13
--------------------------------------------------
Members and creditors of Chi Cheung Finance Limited will hold
their final meetings on June 13, 2012, at 4:00 p.m., and 4:30
p.m., respectively at Unit 301, 3/F, Malaysia Building, 50
Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Yuen Shu Tong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CONCORD EXPRESS: Members' Final Meeting Set for June 13
-------------------------------------------------------
Members and creditors of Concord Express International Logistics
Limited will hold their final meetings on June 13, 2012, at 4:00
p.m., and 4:30 p.m., respectively at Unit 301, 3/F, Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Yuen Shu Tong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DOVETAIL PROPERTIES: Members' Final Meeting Set for June 15
-----------------------------------------------------------
Members of Dovetail Properties Limited will hold their final
meeting on June 15, 2012, at 10:00 a.m., at 27th Floor, One
Island South, 2 Heung Yip Road, Wong Chuk Hang, in Hong Kong.

At the meeting, Chan Siu Lai Joan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GLADLY DEVELOPMENT: Members' Final Meeting Set for June 11
----------------------------------------------------------
Members of Gladly Development Limited will hold their final
general meeting on June 11, 2012, at 4:00 p.m., at 10/F, Allied
Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


=========
I N D I A
=========


AIR INDIA: Service Tax Dues Piles Up to About INR454cr
------------------------------------------------------
The Times of India reports that five months after its accounts
were frozen for non-payment of taxes and duties, crisis-ridden
Air India has piled up about INR454 crore of dues but has
promised to clear it as soon as it gets capital infusion from the
government.

"The total service tax dues of Air India is Rs 395 crore.
We will recover interest at the rate of 15%. Once the capital
infusion happens, the company will repay the dues," official
sources told TOI.

                        About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


AMRAPALI BIOTECH: CARE Rates INR7.92cr LT Loan at 'CARE B'
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Amrapali
Biotech India Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       7.92        CARE B Assigned

Rating Rationale

The rating of Amrapali Biotech India Private Limited (ABIPL) is
primarily constrained by its short track record coupled with
small scale of operations, client concentration risk and seasonal
nature of raw materials leading to price fluctuation risk, high
working capital requirement & low PAT margin. The rating is
further constrained by risk of low realisation resulting from
substitutes and high competition, availability of raw materials
subject to vagaries of nature and project risk.

However, the rating derives strength from its established group
and rich business experience of the promoters, diversified
product portfolio coupled with moderate marketing & distribution
network, satisfactory clientele, comfortable gearing levels and
positive outlook for the domestic fast moving consumer goods
(FMCG) industry.

Ability of the company to complete the expansion project without
any cost & time overrun and derive benefit there from and
increase its scale of operations through establishment of strong
brand name & widening of product portfolio will be the key rating
sensitivities.

Amrapali Biotech India Pvt. Limited, incorporated in September
2007 and promoted under the name of three lady directors namely
Smt. Sunita Kumari, Smt. Seema Kumari and Smt. Pallavi Mishra,
belongs to the Amrapali Group of Delhi and is engaged in the
manufacturing of FMCG products like Cornflakes, Snacks, Jam,
Pickles, Sauces etc. It has set up a small manufacturing
facility at Varanasi (UP) on a rented space. It sells its
products primarily in Central and Eastern India under the brand
name "Mums". Presently, it has been setting up a relatively large
manufacturing facility at Rajgir (Bihar) at an aggregate project
cost of INR14.42 crore, being financed at a debt equity ratio of
0.61:1. The plant is expected to commence commercial operations
from the end of May, 2012.

Amrapali group, promoted by Shri Anil Kumar Sharma (a Civil
Engineer from IIT Kharagpur) is a well-known Delhi based real
estate group, with large number of completed residential and
commercial projects spread over more than 100 acres of land,
mostly in North India, under various companies.

During FY11 (refers to the period from April 1, 2010 to March 31,
2011), ABIPL reported a total operating income of INR4.37 crore
(FY10:Rs.3.82 crore) and a PAT of INR0.03 crore (FY10: INR0.03
crore).


AQVAL CERAMIC: ICRA Puts '[ICRA]B+' Rating on INR5.29cr Loans
-------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to INR3.00 crore fund
based cash credit facility and INR2.29 crore term loan facility
of Aqval Ceramic.  A rating of '[ICRA]A4' has also been assigned
to INR0.70 crore short term non fund based facilities of AC.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Cash Credit Limit        3.00       [ICRA]B+ assigned
   Term Loan                2.29       [ICRA]B+ assigned
   Bank Guarantee           0.70       [ICRA]A4 assigned

The ratings assigned take into account AC's weak financial
profile as reflected by low profitability, high gearing levels
and modest coverage indicators. The ratings are also constrained
by AC's small size of operations and limited distribution network
which along with the high competitive intensity is likely to
exert pressure on margins. ICRA also notes the dependence of
operations and cash flows of the firm on the performance of the
real estate industry which is the main consumer sector, and
vulnerability of profitability to increasing prices of gas and
power.

The ratings however have favorably considered the experience of
the key promoters in the ceramic industry, the location advantage
enjoyed by AC giving it easy access to raw material and Anti
Dumping Duty on cheap Chinese imports could reduce competition to
some extent.

Aqval Ceramic is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in August
2009, while the firm commenced its operations in July 2010. AC is
managed by Mr. Deepak Kanjiya and other partners. The plant has
an installed capacity to produce 21060 MTPA of wall tiles. AC
currently manufactures wall tiles of size 8" X 18", 12" X 12" and
12" X 18" and 24" X 12" with the current set of machineries at
its production facilities.

Recent Results:

During FY 2012(as per unaudited provisional financials), the firm
reported a profit after tax of INR0.40 crore on an operating
income of INR19.69 crore.


CNN MINERALS: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loan
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR8 crore fund
based bank limits of CNN Minerals Private Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR6 crore non-fund based
bank limits of CNNMPL.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund Based Limits          8        [ICRA]B+ assigned
   Non-Fund Based Limits      6        [ICRA]A4 assigned

The ratings take into account CNNMPL's weak financial profile as
reflected by its high gearing levels and depressed debt coverage
indicators, its thin operating profitability in FY12 reflecting
the trading nature of company's business and a high working
capital intensity of its operations. However the same is
moderated to a large extent on account of procurements made by
CNNMPL from its group entities. The ratings take into
consideration CNNMPL's low net-worth in relation to its size of
operations, despite an equity infusion of around INR2 crore in
FY12, and the subdued performance of the iron ore crushing
division in the last two years, which is unlikely to see an
improvement, at least over the near term, given the regulatory
action in Orissa. The ratings have considered the experience of
the management in trading of plastic granules, and its
established relationship with customers that reduces the
counterparty risks. The ratings take note of a declining trend in
the operating income of CNNMPL since FY09, which has received a
major fillip in FY12 on account of the commencement of the
trading business in plastic granules.

Incorporated in Feb'04, CNNMPL was primarily engaged in crushing
of iron ore with its unit located in Barbil, Orissa. The crushing
capacity of the unit is 240,000 MTPA. In Feb'11, the present
management acquired the company and subsequently the company
diversified its business by entering into trading of plastic
granules.

Recent Results:

During FY12, as per the provisional financials, CNNMPL recorded a
profit before tax of INR0.49 crore on an operating income of
INR61.25 crore as against a net profit of INR0.5 lacs on the back
of an operating income (OI) of INR1.93 crore during FY11.


DEVEN TEXTILE: CARE Assigns 'BB-' Rating to INR4.82cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Deven Textile Industries Private Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities        4.82       CARE BB- Assigned
   Short- term Bank Facilities      1.30       CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are constrained by small scale of
operations, weak financial risk profile and fragmented nature of
the textile industry. The ratings are further constrained on
account of susceptibility to fluctuations in raw material prices
and limited bargaining power with the suppliers.

These constraints outweigh the benefits derived from the long
track record of the promoters in the textiles industry and
continuous equity infusion by them.  Ability to maintain growth
in sales and improving PBILDT margins are the key rating
sensitivities.

Deven Textile Industries Pvt Ltd was incorporated by Mr. Sumit
Chawala in 1986 and was engaged in the manufacturing of fabrics
used for book binding. In 2005, the present promoter Mr.
Khub Ram Gupta acquired the company. Currently, DTIPL is engaged
in the manufacturing of knitted fabric for industrial use as a
backing material for artificial leather (rexine), PVC coated
cloth, upholstery and leather jackets.

Manufacturing facility of DTIPL is located at Bhiwadi, Rajasthan
and has an installed capacity of producing 1560 metric tonnes per
annum (MTPA) of knitted fabric. DTIPL is currently in the
process of augmenting its capacity by 600 MTPA.

During FY11 (refers to the period April, 01, 2010 to
March 31,2011),DTIPL achieved a total operating income of
INR17.90 crore with a PAT of INR0.31crore. As per provisional
results, total operating income was INR21.08 crore with a PAT of
INR0.21 crore for the nine months period ended December, 31,
2011.


D.K. PROJECT: ICRA Rates INR7.5cr Loan at '[ICRA]BB-'
-----------------------------------------------------
ICRA has assigned the '[ICRA]BB-' rating to the INR7.50 crore
fund based bank facilities of D.K. Project Private Limited. The
outlook on the long term rating is stable. ICRA has also assigned
the '[ICRA]A4' rating to the INR6.00 crore non-fund based bank
facilities of DKPPL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund Based Limits-       7.50      [ICRA]BB- (Stable) assigned
   Cash Credit

   Non Fund Based Limits-   6.00      [ICRA]A4 assigned
   Bank Guarantee

The ratings take into account the experience of the promoters in
the road construction business, DKPPL's status as a class 1
contractor enabling the company to bid for large contracts
floated by the Government departments primarily in the state of
West Bengal, and DKPPL's financial risk profile, which is
characterised by a conservative capital structure and low working
capital intensity of operations. The ratings are, however,
constrained by DKPPL's small scale of current operations, which
has further declined during 2010-11 and the first nine months of
2011-12 primarily on account of lower number of orders won during
the year. The ratings also factor in the company's exposure to
volatility in raw material prices, which is mitigated to an
extent by the presence of a price escalation clause in a majority
of the Government contracts. With the company's operations being
mainly limited to the states of West Bengal and Meghalaya, DKPPL
is exposed to high geographical concentration risks. Further,
DKPPL also faces significant client concentration risks, given
the top five clients accounting for more than 90% of the total
revenue of the company during the last two years.

D.K. Project Private Limited, incorporated as a proprietorship
firm under the name of D.K. Enterprise by Mr. Dilip Kumar Ghosh,
was converted into a private limited company in 2005. The company
is involved in civil construction works, particularly in
construction of roads and highways. DKPPL is registered as a
class 1 contractor with the Public Work Department (PWD) and
mainly undertakes projects in the states of West Bengal and
Meghalaya.

Recent Results:

The company reported a net profit of INR0.90 crore during 2010-11
on an operating income of INR25.83 crore, as compared to a net
profit of INR0.92 crore on an operating income of INR50.00 crore
during 2009-10. During the first nine months of 2011-12 ended
December 2011, the company posted a net profit of INR0.61 crore
(provisional) on an operating income of INR16.56 crore
(provisional).


FARIDA SHOES: ICRA Reaffirms 'BB+' Rating on INR3.03cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR3.03 crore
term loans of Farida Shoes Private Limited; the outlook on the
rating is Stable. ICRA has also reaffirmed the '[ICRA]A4+' rating
to the INR75 crore short-term fund based, non-fund based
facilities and standby limits of FSPL.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             ---------  -------
   Long term, Term Loans     3.03    [ICRA]BB+(Stable) reaffirmed
   Short term, Fund based   45.50    [ICRA]A4+ reaffirmed
    Limits
   Short term, Non-fund     20.50    [ICRA]A4+ reaffirmed
    based Limits
   Short term, Standby       9.00    [ICRA]A4+, reaffirmed
    Limits

The rating reaffirmation reflects the established operational
capability of the Farida Group, with the Group being one of the
largest leather and leather goods exporters in India; the
established track record of the promoters in the leather industry
and the sustained association of the Company with reputed
international customers. The rating also considers the healthy
growth rate in the revenues of the Company over the years, which
has been partly driven by large orders from some new customers.
The rating reaffirmation factors in the vulnerability of revenues
and margins to the volatility in orders from certain top
customers, the fluctuations in foreign exchange rates, power
shortages and labour availability issues in Tamil Nadu and also
the steep increase in the prices of raw materials due to the
general shortage of high quality raw hides/skins and finished
leather. The rating is also constrained by the steep increase in
the gearing levels due to the increased working capital debt as
also the decrease in net worth following the merger of smaller
loss making Group entities with FSPL. The rating also factors in
the current scenario of subdued demand from Europe, which remains
the largest market for leather exporters, leading to a decline in
the number of orders for the overall industry.

Farida Group is one of the biggest exporters of leather and
leather goods from India. The Group comprises 11 companies, with
6 companies involved in shoe manufacturing activities, while the
rest are involved in manufacturing shoe components. Farida Shoes
Private Limited (FSPL), the flagship company of Farida Group, was
incorporated in September 1976 to manufacture full shoes. The
factory with a current production capacity of 13600 pairs/day
(initial production capacity of about 1000 to 1500 pairs/day) was
set up at Ambur, Vellore District, Tamil Nadu. Over a period of
time the production capacity has increased to 13600 pairs per
day.


GSN FERRO: ICRA Assigns '[ICRA]B+' Rating to INR5.29cr Loans
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR11.50 crore long term
fund based and non-fund based limits of GSN Ferro Alloys Private
Limited. ICRA has also assigned '[ICRA]A4' rating to INR2.50
crore non-fund based limits of GSN Ferro Alloys Private Limited.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Cash Credit Limit        3.00      [ICRA]B+ assigned
   Term Loan                2.29      [ICRA]B+ assigned
   Bank Guarantee           0.70      [ICRA]A4 assigned

The ratings assigned by ICRA are constrained by inherent
cyclicality in demand for GSN's products and vulnerability of
profitability to adverse price movements for raw materials and
power tariffs. The ratings are also constrained by the weak debt
protection indicators and the recent substantial capex undertaken
by GSN.

The ratings however draw comfort from the experience of promoters
in Ferro Alloys industry; healthy growth in operating income in
the last few years and ability of promoters to infuse equity in
timely manner which has helped the company complete 22 MVA capex
without any delays.

GSN was incorporated in August 2005. The company is into
manufacturing of Ferro alloys. The company started commercial
production of Ferro alloys with a capacity of 2.5 MVA (3600 MTPA
of silicomanganese) in June 2006. The project was financed by a
term loan of INR1 crore from Andhra Pradesh State Financial
Corporation and from owner's equity of INR1.78 crore. The company
expanded its capacity in FY09 by adding a capacity of 7.50 MVA
which resulted in total capacity of 10.0 MVA. The company has
installed two new furnaces of 11 MVA each with a total cost of
INR53.5 cr, funded through INR32.5 crore term loan and balance
amount in the form of unsecured loans and equity infusion by
promoters.


IDEAL ENERGY: Fitch Cuts Rating on INR11.07BB Loans to 'BB-'
------------------------------------------------------------
Fitch Ratings has downgraded India-based Ideal Energy Projects
Limited's (IEPL) INR11,070 million senior project loans to 'Fitch
BB-(ind)' from 'Fitch BB+(ind)'.  The Outlook is Negative.

The downgrade reflects IEPL's continuing delay in the
commissioning of a 270 MW coal-based thermal power plant at
Nagpur and the consequent estimated cost overrun of INR 2,840m.
The 19% rise in the project cost is also attributed to a sharp
rise in the variable component of the engineering, procurement
and construction contract.

The rating action also reflects the deterioration in the
project's credit quality due to IEPL's inability to conclude
long-term off-take arrangements with end user utilities, as
initially envisaged.  The Negative Outlook reflects the continued
uncertainty around the long-term sourcing of coal and the manner
in which additional project cost would be funded.  Though it is
planned to be funded through a debt/equity mix of 75:25, IEPL has
yet to firmly tie up additional funding even as the project is in
advanced stages of construction.

While the initial deadline of December 2011 has been missed,
management expects to commission the plant by June 2012 and
achieve commercial operations by September 2012.  The delay has
substantially reduced the principal moratorium available as the
debt is scheduled to amortize from March 2013 onwards, leaving
very little headroom for any further delays or ramp-up
bottlenecks.  Fitch also notes delays in securing an 11km stretch
of land for constructing a railway siding to transport coal and
its cost implications at least in the short term.

Though the company has entered into a power purchase agreement
(PPA) with Reliance Energy Trading Ltd, the absence of long-term
power off-take agreements with end-user utilities will expose the
project to revenue risks for both volume and price.  Also,
moderate pricing and operational stresses may result in debt
service coverage ratios nearing break-even levels.  The prevalent
and forecasted electricity demand-supply imbalances lend weight
to the economic argument for the project.  However, this is
contingent upon the project securing around 90% of its coal
requirements from domestic sources, which will allow for a
reasonable and competitive cost of generation.  Higher capital
costs relative to peers, translating into a higher fixed cost,
imply thinner margin available for debt service.

Fitch expects India's systemic coal shortage to adversely impact
cost economics of the project, even as IEPL has secured a letter
of assurance from subsidiaries of the state-owned Coal India
Limited (CIL) for the supply of 1.15 million tonnes of coal per
annum.  The burgeoning demand for thermal coal from incremental
coal-based capacity additions, sluggish ramp-up of captive mines
and muted coal production growth at CIL have created an acute
shortage of coal in India.  While the company expects to sign a
fuel supply agreement (FSA) shortly, Fitch notes that recent
government guidelines for signing FSAs accord priority to the
projects having a long-term power sales agreement with the state
electricity boards.

While importing coal is an alternative, it could impair cost
competitiveness of the project. Fitch notes that the company has
not yet made any firm arrangements for pursuing this option.
Also, the fact that the plant is located around 700km from the
nearest port presents a logistical challenge besides adding to
the cost. Plant design limitations also prevent the seamless
blending by imported coal.

The bank debt's variable interest rate (currently 13.5%), linked
to the prime lending rate, potentially adds to volatility of cash
flows.  A debt service reserve account, covering three months of
principal and interest, to be funded as a part of project cost
provides only limited cushion.

The rating may be further downgraded in case of any further cost
and time overruns, IEPL's inability to tie-up additional
financing, and the project's failure to secure long-term and
cost-efficient fuel supply.  The credit quality can improve if
the revised commercial operations date is achieved, FSAs are
signed and PPAs with strong counterparties are executed.

IEPL is an SPV, incorporated to develop a coal-fired subcritical
technology-based thermal power plant.  It is sponsored by Ideal
Toll and Infrastructure Pvt Ltd., which holds 31.72% of the
equity with the rest being held by individual founder
shareholders (The Mhaiskars).


K.C.FIXTURES: CARE Rates INR5cr LT Loan at 'CARE BB-'
-----------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of K.C.Fixtures.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       5.00        CARE BB- Assigned
   Short-term Bank Facilities      0.45        CARE A4

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings of K.C. Fixtures are constrained by its modest scale
of operations alongwith the risk associated with constitution as
a partnership firm, stagnant revenues and volatile profitability
along with the working-capital intensive nature of the business.
These constraints far outweigh the comfort derived from the
experience of the partners and moderate gearing level.
The ability of the firm to increase its scale of operations
coupled with efficient working-capital management are the key
rating sensitivities.

Mumbai-based K.C. Fixtures was incorporated in 1998 as a
partnership firm by the four partners belonging to the same
family led by Mr K.C. Shetty and belongs to the Lumens Group. The
group has presence in the business of luminaries, lighting
fixtures, modular furniture & sheet metal components and also
manages two other firms viz Lumens Aircon Private Limited and
Lumens Industries. Initially, KCF had begun its operation with
the manufacturing of lightning fixtures, sheet metal components,
electrical stampings, powder coating and has now diversified into
manufacture of modular furniture. The firm has its manufacturing
facilities at Daman which enable it to avail the sales tax
exemption benefits till 2013. The major customers of the firm
include Bajaj Electricals Limited, General Electric and Wipro
Limited.

KCF reported a total income of INR16.25 crore and a Profit After
Tax (PAT) of INR0.47 crore in FY11 (refers to the period April 1
to March 31) as against a total income of INR16.07 crore and a
PAT of INR0.27 crore in FY10.


KINGFISHER AIRLINES: Faces Fine Over Unpaid INR269cr Income Tax
---------------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd owes
INR269.06 crore income tax and I-T Department has initiated
penalty and prosecution proceedings against the private carrier,
Government informed the Lok Sabha on Monday.

According to the report, Minister of State for Finance S S
Palanimanickam said in a written reply that Kingfisher Airlines
was found to have deducted tax at source (TDS) on salary payments
but had not deposited it in Government account.

"Survey . . . was conducted at the business premises of the
aforesaid company and subsequently tax demand (including
interest) amounting to INR372.09 crore pertaining to FYs 2009-10
to 2011-12 were raised," the report quotes Mr. Palanimanickam as
saying.

"Action for recovering has been undertaken and a total of
INR103.03 crore has already been recovered. Penalty and
prosecution proceedings under the Income-tax Act have also been
initiated."

The report relates that Mr. Palanimanickam said in case of
Employees State Insurance Corporation, an amount of INR23.42 lakh
is outstanding against the Bangalore unit of Kingfisher Airlines
towards 'interest and damages', for which recovery action has
been taken.  The matter is pending in a court,
Mr. Palanimanickam, as cited by TOI, said.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8% more than a loss
of INR2.54 billion a year earlier, The Economic Times disclosed.
The company has lost INR11.8 billion (US$240 million) in the
first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


LUMENS AIRCON: CARE Puts 'CARE BB' Rating on INR5.5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Lumens Aircon Private Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       5.50        CARE BB Assigned
   Short-term Bank Facilities      1.25        CARE A4 Assigned

Rating Rationale

The ratings of Lumens Aircon Private Limted (LAPL) are
constrained by its modest scale of operations, volatile trend in
revenue & profitability and working capital intensive nature of
the business. These constraints far outweigh the comfort derived
from the experience of the promoters and moderate gearing level.
The ability of the company to increase its scale of operations
coupled with efficient working capital management are the key
rating sensitivities.

Mumbai-based Lumens Aircon Private Limted was incorporated in
2003 by four promoters belonging to the same family led by
Mr. K.C. Shetty and belongs to the Lumens Group. The group
has presence in the business of luminaries, lighting fixtures,
modular furniture & sheet metal components and also manages two
other firms viz K.C. Fixtures and Lumens Industries. To cater to
the sheet metal component requirements of Carrier Aircon Limited
(CAL; a key client of the group), LAPL was set up in 2003.
However, when CAL shifted its base from Bangalore to Gurgaon,
LAPL had to diversify its product line to Lighting Fixtures, MCCB
and modular workstations.

LAPL has reported a total income of INR16.76 crore and a Profit
After Tax (PAT) of INR0.39 crore in FY11 (FY refers to the period
from April 01 to March 31) as against a total income of INR10.45
crore and a PAT of INR0.24 crore in FY10.


NATURE EFFICIENT: ICRA Puts 'B' Rating on INR95.5cr Loans
---------------------------------------------------------
A long term rating of '[ICRA]B' has been assigned to the
INR95.50 crore fund-based bank facility and a short term rating
of '[ICRA]A4' has been assigned to the INR0.80 crore non fund-
based bank facility of Nature Efficient Electronics Pvt. Ltd.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   LT Fund Based Limits      75.5      [ICRA]B assigned
   (FBWC-Cash Credit)

   LT Fund Based Limits      20.00     [ICRA]B assigned
   (Term Loan)

   ST Non Fund Based Limits   0.80     [ICRA]A4 assigned
   (Bank Guarantee)

The assigned ratings are constrained by the company's limited
track record of operations and high debt levels as on
December 31, 2011 which has been used for funding its inventory
of dry phosphorous powder The ratings are also constrained on
account of the market risk associated with the new project for
manufacture and sale of CFLs' (Compact Fluorescent Lamp) given
the high competitive intensity in the market. The ratings however
draw comfort from the experience of the promoters in the business
of trading & manufacturing of electrical equipments in the
lighting segment and the strong growth potential of the CFLs' in
the domestic lighting segment owing to the energy saving benefits
of CFLs' compared to bulbs.

                      About Nature Efficient

Nature Efficient Electronics Private Limited (NEEPL or the
company), was incorporated in September 2009 by Mr. Dhanish Jain,
who was earlier involved in the business of trading and
manufacturing of electrical appliances such as electrical
switches, wires, etc. The company is engaged in the business of
manufacturing Compact Fluorescent Lamps (CFL). The manufacturing
unit is located in the district of Thane and the registered
office is located at Bandra Kurla Complex, Mumbai.

Recent Results:

During 2010-11, the company has reported a net profit of
INR0.02 crores on an operating income of INR0.84 crores. As per
the 9M unaudited results of 2011-2012, the company has reported a
net profit of INR0.11 crores on an operating income of
INR2.10 crores.


RAINBOW PLASTICS: ICRA Rates INR6cr Loan at '[ICRA]BB-'
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the fund-
based facilities aggregating to INR6.00 crore of Rainbow Plastics
India Limited. The long-term rating has a Stable outlook.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Fund Based Limits       6.00      [ICRA]BB- (stable) assigned
   (Cash Credit)

The ratings are constrained by the company's small size of
operations, the high working capital intensity of operations and
intensely competitive business environment owing to the highly
fragmented industry structure. ICRA further notes that since
majority of the raw materials used by the company are linked to
crude oil derivatives, the ability of the company to pass on any
unfavorable fluctuations in raw material prices remains critical
to maintaining its profitability.

The ratings, however, draw comfort from the long track record of
the company's promoters in the flexible packaging industry, and
company's arrangement with Polycab Wires Pvt. Ltd., which is an
established player with wide distribution network, for
manufacture of PVC pipes and fittings under the brand of
'Polycab'. The ratings further also draw comfort from the
transfer of polyester films division of the sister concern, which
is expected to augment the revenue stream of the company going
forward.

Rainbow Plastics India Limited was incorporated in the year 1995
by Mr. Mansukhlal D. Savla at Dadra, Silvassa. It commenced
commercial production in the year 1999 and is engaged in
manufacturing of polyester tapes for the cable industry, and
plastic packaging materials. In the year 2007, the company
entered into an agreement with Polycab Wires Private Limited
(PWPL) for manufacturing PVC pipes and fittings under the
latter's brand name.

For FY 2011, the company reported Profit after Tax of
INR0.32 crore on an operating income of INR16.20 crore. For 9
months FY 2012, the company reported operating income of
INR27.58 crore.


R P BASMATI: CARE Rates INR130.30cr LT Loan at 'CARE BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of R P Basmati Rice Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      130.30       CARE BB+ Assigned
   Short-term Bank Facilities       2.00       CARE A4+ Assigned

Rating Rationale

The ratings are constrained by low profitability margins that are
vulnerable to the fluctuation in commodity prices, high overall
gearing and working-capital intensive nature of business.
Furthermore, the exposure to foreign currency fluctuations and
the inherent risks associated with the rice industry like high
degree of fragmentation, seasonality and the government control
also constrain the ratings.

The above constraints largely offset the strengths derived from
the long-established track record of the promoters in agro-based
business, steady revenue growth and close proximity to raw
material sources.

Effective management of working capital and improvement in
profitability margins amidst fluctuating raw material prices are
the key rating sensitivities.

R P Basmati Rice Ltd is engaged in milling, processing and
selling of various varieties of Basmati rice. The entity was
originally incorporated as a partnership firm in 1998 and was
converted into a public Ltd company in 2001. The promoter of the
company, Mr R.P Singhal has almost three decades of experience in
agro-based industry and is ably assisted by his two sons looking
after different spheres of business.

The company has milling, processing and manufacturing unit
located at Karnal, Haryana and started its operations with an
initial installed capacity of 2 tonnes per hour (TPH) in 1998.
The
current milling capacity of the plant is 16 tonnes per hour as on
March 31, 2012.

The company has been recognized as 'star export house' by the
government of India besides earning various other awards during
the last decade.

During FY11 (refers to the period April 1 to March 31), RPBRL has
earned a PAT of INR2.88 crore on a total income of INR276.15
crore as against the PAT of INR2.58 crore on the total income of
INR214.22 crore in FY10. During 9MFY12 ended Dec 2011, the
company registered a total operating income of INR251.50 crore
(unaudited).


SAMRAT WIRES: CARE Assigns 'BB' Rating to INR10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Samrat Wires Private Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       10.00       CARE BB Assigned
   Short-term Bank Facilities       7.50       CARE A4 Assigned

Rating Rationale

The ratings take into account relatively low margins on account
of volume-driven business model, volatility in raw material
prices and high level of financial leverage. The ratings are
however, underpinned by strong support of group company along
with experienced promoters, established customer base and the
advance technology used by the company to manufacture high-
quality wires.  Ability to improve the scale of operations while
expanding geographical and customer reach and enhanced
profitability margins via better value-added products are the key
rating sensitivities.

Samrat Wires Private Limited was established in November 2003 as
a partnership firm and was converted into a private limited
company on April 6, 2010. It is engaged in the manufacture of
alloy steel wires & allied products and also does job work for
other entities. The company has an ISO 9001:2008 certificate for
its CHQ (Cold Heading Quality) and alloy steel wire products.
These wires find application in manufacture of ball & roller
bearings, fasteners and specialized automotive components.

SWPL is an associate unit of the Gita group, which has a turnover
of more than INR700 crore. The Gita group is a conglomerate with
interests in infrastructure projects (railways, flyovers and
bridges, pipeline projects and construction), agriculture (biogas
fuels and pulses), power generation, manufacturing (PSC poles &
RCC spun pipes, pre-stress concrete sleepers, alloy & non-alloy
wires, metal casting and granites) and retail.

The company reported net sales of INR32.88 crore in FY11 (FY
refers to period from April 1 to March 31) vis--vis INR29.44
crore in FY10 with PAT margin of 0.26% in FY11 vis--vis 0.03% in
FY10. The company has reported net sales of INR35.34 crore for
FY12 (as per provisional results) by posting 7.48% of growth YoY
basis.


SUPREME MANOR: ICRA Cuts Rating on INR322.5cr Loan to 'BB'
----------------------------------------------------------
ICRA has revised the rating assigned to the INR322.5 crore long
term bank facilities of Supreme Manor Wada Bhiwandi
Infrastructure Private Limited from '[ICRA]BB+' to '[ICRA]BB'.
ICRA has assigned a stable outlook to the rating.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Long Term -Fund         322.5       Rating revised to
   Based Limits                        [ICRA]BB from [ICRA]BB+

The rating revision takes into account the execution risks faced
by the project on account of non-availability of 10% of the RoW
and approval from the forest department which would result in
cost and time overrun and increase in interest rate resulting in
cost overrun and weakening debt coverage indicators. Further, the
rating remain constrained by the weak financial profile of the
promoters coupled with the aggressive expansion by the promoters
in the BOT road segment over the last one year which may result
in funding risk, high reliance on external debt for funding the
project cost and the alternate route risk for the project.

The rating remain supported by the promoter's experience in
execution of EPC (engineering, procurement and construction)
contracts, low funding risk as the financial closure for the
project has been achieved, long tenure of the debt with
ballooning repayments and expected increase in year on year toll
revenues even in scenario of low inflation as toll rates for the
project are not linked to Wholesale Price Index (WPI) and would
increase after every three year as mentioned in the concession
agreement.

Supreme Manor Wada Bhiwandi Infrastructure Private Limited is a
Special Purpose Vehicle incorporated on January 4, 2010 for
implementing the Manor-Wada Bhiwandi toll road project. The
project was initially awarded to Ram Infrastructure Limited
(rated LB- by ICRA Limited) and Tapi Prestressed Products Limited
in September 24, 2009. However, since RIL could not bring in the
necessary funds it invited Supreme Infrastructure India Limited
to be a partner in the project. SIIL acquired 49% stake in SMWBIL
through its wholly owned subsidiary Supreme BOT Private Limited.
Though Supreme BOT Private Limited has 49% shareholding, it is
responsible for entire execution and arranging finance for the
company. SMWBIPL would issue compulsory convertible preference
shares to Supreme BOT which would be converted three years post
COD so that Supreme BOT would hold 74% shareholding in SMWBIPL.

The project involves widening of Manor- Wada (24.25 kms) and Wada
Bhiwandi Road (40.07 Kms) on SH-34 and SH-35 respectively, and to
convert it into a 4 lane highway on Built Operate Toll (BOT)
basis. The total concession period awarded is 22 years and 10
months (including a construction period of 24 months) beginning
from the commencement date i.e. date of award of work order by
Public Works Department (PWD) (i.e. October 11, 2010).


VEER METAL: CARE Puts 'CARE BB-' Rating on INR8.25cr Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Veer Metal Industries Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       8.25       'CARE BB-' Assigned
   Short-term Bank Facilities      0.50       'CARE A4' Assigned

Rating Rationale

The rating of Veer Metal Industries Pvt. Ltd. (VMIPL) is
primarily constrained by its financial risk profile characterised
by relatively small scale of operations with low profitability, &
moderately high leverage. The rating is further constrained by
stressed liquidity marked by high utilization of working capital
limits and customer concentration risk.

These constraints outweigh the benefits derived from experienced
management & their financial support in the past.

The ability of VMIPL to improve the overall scale of operations
and financial risk profile and improvement in the liquidity
position are the key rating sensitivities.

Veer Metal Industries Private Limited, established in May 1990 as
a private limited company, was promoted by Mr. Mangilal N. Jain
along with Mr. Bherulal A. Bapna & Gopeelal P. Bapna. The company
is engaged in the business of manufacturing and trading of
stainless steel (SS) flat products including sheets & circles.
The promoters are into the business of trading of steel products
since 1979. The company generates its entire revenue from
domestic market and raw material is also sourced domestically.
VMIPL's plant is located at Sarigaum in Valsad district of
Gujarat having installed capacity of 9,600 MTPA as on March 31,
2011. VMIPL is an ISO 9001:2000 certified company.

During FY11 (FY refers to period April 1 to March 31), VMIPL
reported total operating income of INR49.15 crore and PAT of
INR0.41 crore as against total operating income of INR42.56 crore
and net profit of INR0.22 crore in FY10.


VVA DEVELOPERS: ICRA Upgrades Rating on INR10cr Loan to 'BB-'
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR10 crore
term loans of VVA Developers Pvt. Ltd from '[ICRA]B' to
'[ICRA]BB-'.  The outlook on the rating is Stable.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund based limits-       10.00      [ICRA]BB- upgraded
   Term loans

The rating upgrade factors in the negligible execution risk for
VVA as the construction of the mall is complete and the healthy
bookings experienced by the firm, having booked more than 2/3rd
of the saleable area till April 2012. Moreover MoUs with reputed
brands are in place, which limits the market risk. The rating
continues to draw comfort from the attractive location of the
project due to proximity to multiple group housing societies with
no other retail space in the vicinity. The rating is however
constrained by the relatively high proportion of the leased area
vis--vis the area sold which limits the cash inflows in the
short run and makes the same contingent on the collection
efficiency of the company since lease rentals will accrue only
post commencement of operations of mall in October 2012. The
rating also factors in volatility of lease rentals since majority
of the area has been leased on pure revenue sharing basis, at
least in the first year, single asset nature of operations of VVA
and the ambiguity in the ability of the city (Bhiwadi) to absorb
organized retail space.

Increase in the proportion of area sold with improvement in the
collection efficiency would be the key rating sensitivities going
forward.

VVA Developers Pvt Ltd is currently setting up a mall (V Square
Mall) in Bhiwadi (Rajasthan). The company is promoted (and is
closely held) by Mr. Vivek Jain and his family and friends. V
Square Mall will have 1.80 lakh sq. ft. of total space spread
over five floors. It will have a total of 104 retail units in
addition to food court, restaurants, anchor store, hyper market
and multiplex. The mall is expected to commence operations in
October 2012.


=========
J A P A N
=========


G.K.ORSO: Fitch Lowers Rating on JPY0.2BB Class F Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has downgraded G.K. Orso Funding CMBS 7's class F
notes, due May 2014, to 'Dsf' and affirmed the rest.  The
transaction is a Japanese multi-borrower type CMBS
securitisation.  The rating actions are as follows:

  -- JPY2.8 billion* Class B notes affirmed at 'Asf'; Outlook
     Stable

  -- JPY5 billion* Class C notes affirmed at 'BBsf'; Outlook
     revised to Stable from Negative

  -- JPY5 billion* Class D notes affirmed at 'CCCsf'; Recovery
     Estimate revised to 60% from 75%

  -- JPY5.5 billion* Class E notes affirmed at 'CCsf'; Recovery
     Estimate 0%

  -- JPY0.2 billion* Class F notes downgraded to 'Dsf' from
     'CCsf'; Recovery Estimate 0%

*as of May 17, 2012

The downgrade of the class F notes reflects the write-down of
their principal on the May 2012 payment date, after the workout
activity of one defaulted loan resulted in partial recovery.

The affirmation of the class B and C notes and revision of the
Outlook on the class C notes reflect Fitch's view that the
remaining eight properties backing the remaining two defaulted
loans will be sold before the legal final maturity date and that
the total sales proceeds will be sufficient to repay these two
notes classes in full.

The affirmation on Class D and E notes reflects Fitch's view that
a write-down of the note principal is a possibility.

Class A notes were redeemed in full on the May 2012 payment date
after workout proceeds were used to repay note principal
sequentially.  Workouts on three defaulted loans have been
completed since the last rating action in August 2011 and two of
them have resulted in full recovery.

At closing the transaction was a securitisation of four non-
recourse loans and two Tokutei Mokuteki Kaisha specified bonds,
which were ultimately backed by 42 real estate properties.  The
transaction is now backed by two defaulted loans, ultimately
backed by a total of eight properties.


====================
N E W  Z E A L A N D
====================


HOLIDAY HOMESHARE: Owes More Than NZ$500,000 to IRD
---------------------------------------------------
Fairfax NZ News reports that the liquidator of Holiday Homeshare
Limited said the company owes the Inland Revenue over half a
million dollars.

The news agency relates that liquidator Robert Walker reported
that the IRD had lodged a proof of debt against Holiday Homeshare
that amounted to NZ$515,621 at the end of February this year,
including NZ$363,049 of shortfall penalties, late-payment
penalties and interest.

Holiday Homeshare was one of a group of companies controlled by
Glenn William Cooper, a property trader whose deals have prompted
complaints to the Serious Fraud Office.

The report notes that Mr. Cooper operated as a property trader
with entities associated with him buying properties and then on-
selling them for much higher prices to investors including
cancer- stricken rugby player Kurtis Haiu.

According to Fairfax NZ News, Mr. Walker said in his report,
which is listed on the Companies Register, that: "The GST affairs
of HHL are hopelessly confused."

Mr. Walker said that discussions with the IRD over Holiday
Homeshare were continuing, adding that his investigations into
Holiday Homeshare raised questions about its solvency before he
was appointed, Fairfax NZ relates.

Fairfax NZ News adds that a number of other companies on which
Mr. Cooper is a director or with which he is associated are also
in the hands of liquidators and liquidators' reports indicate
losses for the IRD and other creditors, including Westpac and
Bank of New Zealand. These companies include 300 Lake Terrace
Limited, Genesis Homes Limited, Glenn Cooper Limited, and KAW
Holdings Limited.


NZF MONEY: Parent Suspends Interest Payments on Capital Notes
-------------------------------------------------------------
Fairfax NZ News NZF Group has suspended interest payments on its
capital notes following the freezing of its collapsed finance
subsidiary NZF Money by receivers.

The report relates that NZF Group said in a statement to the NZX
May 21 that it has a NZ$270,000 interest payment due on its
capital notes next month but the receivers have refused consent
to make the payment, arguing that it was not an ordinary business
expense.

According to the news agency, the NZF board said that in light of
the receiver's position, the company has been forced to suspend
interest payments on the capital notes until a High Court hearing
is held on the granting of the freezing orders.

No date has been set for that hearing at this stage, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 2, 2012, Fairfax NZ News said the Financial Markets Authority
is mulling freezing the assets of five directors of NZF Money,
including high profile Peter Huljich. According to the news
agency, the possible action is independent of a freezing order
granted against the finance company's parent, NZF Group, after
claims were filed by receivers that directors were in breach of
fiduciary duties.

                          About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, provided financial services with its core activity being
a diversified range of services including; investment, lending,
insurance and mortgage broking.  NZF Money is the deposit-taking
subsidiary of NZF Group.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money was put in
receivership in July 2011 after its parent failed to secure
short-term funding needed to keep the finance company afloat.
The shortfall arose after the Financial Markets Authority forced
the company to pull its debenture prospectus which hoped to raise
NZ$350 million over the issues around asset quality and liquidity
disclosure.

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.


=================
S I N G A P O R E
=================


AMARU INC: Incurs $156,000 Net Loss in First Quarter
----------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss including noncontrolling interest of $156,011 on $2,359 of
total revenue for the three months ended March 31, 2012, compared
with a net loss including noncontrolling interest of $500,013 on
$3,143 of total revenue for the same period during the prior
year.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million
in 2010.

The Company's balance sheet at March 31, 2012, showed $2.74
million in total assets, $3.41 million in total liabilities and a
$670,975 total stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/vVvSb8

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue
as going concern, the auditors said.


MERRILL LYNCH: Creditors' Proofs of Debt Due June 13
----------------------------------------------------
Creditors of Merrill Lynch Asian Real Estate Fund Manager Pte
Ltd, which is in members voluntary liquidation, are required to
file their proofs of debt by June 13, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2012.

The company's liquidator is:

          Jason Aleksandar Kardachi
          c/o Borrelli Walsh Pte Ltd
          One Raffles Place
          Tower 2 #10-62
          Singapore 048616


MONTROSE HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on May 4, 2012, to
wind up Montrose Holdings Pte Ltd's operations.

Media Development Authority of Singapore filed the petition
against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


MSM HOLDINGS: Creditors Get 100% Recovery on Claims
---------------------------------------------------
MSM Holdings Pte Ltd, which is in creditors voluntary liquidation
declared the first and final dividend on May 15, 2012.

The company paid 100% for preferential and 8.263% for ordinary
claims.


NAKAKITA ENGINEERING: Creditors' Proofs of Debt Due June 18
-----------------------------------------------------------
Creditors of Nakakita Engineering Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chee Yoh Chuang
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


NIP HOLDING: Creditors' Proofs of Debt Due June 18
--------------------------------------------------
Creditors of Nip Holding Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by June 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


===============
X X X X X X X X
===============


* BOND PRICING: For the Week May 14 to May 18, 2012
---------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.70
COM BK AUSTRALIA         1.50    04/19/2022   AUD      70.19
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      74.09
EXPORT FIN & INS         0.50    06/15/2020   AUD      74.96
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.76
KIMBERLY METALS         10.00    08/05/2016   AUD       0.32
MIDWEST VANADIUM        11.50    02/15/2018   USD      64.85
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.50
MIRABELA NICKEL          8.75    04/15/2018   USD      72.12
MIRABELA NICKEL          8.75    04/15/2018   USD      72.12
NEW S WALES TREA         0.50    09/14/2022   AUD      68.81
NEW S WALES TREA         0.50    10/07/2022   AUD      68.63
NEW S WALES TREA         0.50    10/28/2022   AUD      68.47
NEW S WALES TREA         0.50    11/18/2022   AUD      68.12
NEW S WALES TREA         0.50    12/16/2022   AUD      67.90
NEW S WALES TREA         0.50    02/02/2023   AUD      67.53
NEW S WALES TREA         0.50    03/30/2023   AUD      67.11
SUNCORP METWAY           6.75    09/23/2024   AUD      72.32
TREAS CORP VICT          0.50    08/25/2022   AUD      69.20
TREAS CORP VICT          0.50    03/03/2023   AUD      67.47
TREAS CORP VICT          0.50    11/12/2030   AUD      49.73


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   CNY  69.06


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      30.94


  INDIA
  -----

JSL STAINLESS LT         0.50    12/24/2019   USD      67.36
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.62
PRAKASH IND LTD          5.62    10/17/2014   USD      70.51
PRAKASH IND LTD          5.25    04/30/2015   USD      70.01
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.87
REI AGRO                 5.50    11/13/2014   USD      69.08
REI AGRO                 5.50    11/13/2014   USD      69.08
SHIV-VANI OIL            5.00    08/17/2015   USD      59.74
SUZLON ENERGY LT         5.00    04/13/2016   USD      55.44


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      27.25
ELPIDA MEMORY            2.10    11/29/2012   JPY      28.00
ELPIDA MEMORY            2.29    12/07/2012   JPY      28.00
ELPIDA MEMORY            0.70    08/01/2016   JPY      26.12
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.59
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.64
NIPPON SHEET GLA         1.22    07/28/2016   JPY      73.07
TOKYO ELEC POWER         1.38    10/29/2019   JPY      74.75
TOKYO ELEC POWER         1.48    04/28/2020   JPY      74.12
TOKYO ELEC POWER         1.39    05/28/2020   JPY      73.27
TOKYO ELEC POWER         1.31    06/24/2020   JPY      72.53
TOKYO ELEC POWER         1.95    07/24/2020   JPY      71.63
TOKYO ELEC POWER         1.22    07/29/2020   JPY      70.82
TOKYO ELEC POWER         1.16    09/08/2020   JPY      69.46
TOKYO ELEC POWER         1.63    07/16/2021   JPY      71.36
TOKYO ELEC POWER         2.35    09/29/2028   JPY      69.00
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.50
TOKYO ELEC POWER         2.21    02/27/2029   JPY      65.37
TOKYO ELEC POWER         2.11    12/10/2029   JPY      65.50
TOKYO ELEC POWER         1.96    07/29/2030   JPY      65.50
TOKYO ELEC POWER         2.37    05/28/2040   JPY      64.50


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.12
CRESENDO CORP B          3.75    01/11/2016   MYR       1.63
DUTALAND BHD             7.00    04/11/2013   MYR       0.41
DUTALAND BHD             7.00    04/11/2013   MYR       0.93
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.18
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.89
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.16
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.99
REDTONE INTL             2.75    03/04/2020   MYR       0.09
RUBBEREX CORP            4.00    08/14/2012   MYR       0.66
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.48
SCOMI GROUP              4.00    12/14/2012   MYR       0.05
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.84
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
WAH SEONG CORP           3.00    05/21/2012   MYR       3.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.43
YTL CEMENT BHD           5.00    11/10/2015   MYR       0.46


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.60
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.30
INFRATIL LTD             8.50    09/15/2013   NZD       6.80
INFRATIL LTD             8.50    11/15/2015   NZD       6.50
INFRATIL LTD             4.97    12/29/2049   NZD      54.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.10
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.24
NZF GROUP                6.00    03/15/2016   NZD       2.09
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.30
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99


PHILIPPINES
-----------

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      73.00
BAKRIE TELECOM          11.50    05/07/2015   USD      73.31
BLUE OCEAN              11.00    06/28/2012   USD      36.00
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      21.52
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.50
F&N TREASURY FIN         2.48    03/28/2016   SGD       0.99
F&N TREASURY FIN         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.88    11/20/2012   SGD       1.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.32
WBL CORPORATION          2.50    06/10/2014   SGD       1.44


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      32.45
CN 1ST ABS               8.30    11/27/2015   KRW      33.77
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      70.08
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      69.89
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      69.41
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      68.88
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      68.39
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      68.24
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      65.19
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      63.22
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      64.48
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      62.91
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.51
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      83.51
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      92.14
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      85.64


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.08
SRI LANKA GOVT           8.50    07/15/2018   LKR      73.47
SRI LANKA GOVT           7.50    08/15/2018   LKR      69.01
SRI LANKA GOVT           8.50    05/15/2019   LKR      70.84
SRI LANKA GOVT           6.20    08/01/2020   LKR      61.25
SRI LANKA GOVT           7.00    10/01/2023   LKR      54.51
SRI LANKA GOVT           5.35    03/01/2026   LKR      46.04
SRI LANKA GOVT           8.00    01/01/2032   LKR      57.02


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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                 *** End of Transmission ***